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View Diary: House Republicans will vote against tax cut for the middle class today (89 comments)

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  •  Will Dems offer a permanent extension... (1+ / 0-)
    Recommended by:
    Candide08

    ...of the payroll tax holiday?  Or offer a permanent tax credit in the same amount?

    Or will they allow the working and middle-class to pay 100B more in taxes next year?

    Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

    by PatriciaVa on Wed Aug 01, 2012 at 08:14:25 AM PDT

    •  I'm missing how the payroll tax holiday affects (0+ / 0-)

      the working & middle class...?

      Could you elaborate? I thought it was an incentive to businesses, technically a lure to small & medium in order to encourage hiring.

      •  Pretty sure the payroll tax holiday (3+ / 0-)
        Recommended by:
        mungley, PatriciaVa, GreyHawk

        is only on the employee side - employers are still paying 7.35%  I think?

        Early to rise and early to bed Makes a man healthy, wealthy, and dead. --Not Benjamin Franklin

        by Boundegar on Wed Aug 01, 2012 at 09:35:57 AM PDT

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        •  Combined Medicare and SS is 7.65% (3+ / 0-)

          Employee is 5.65%
          SS is 6.2% for employers and 4.2% for employees.
          Both cap out at $110,100.00 in wages. (Max out of pocket for employee is 4624.20)

          Medicare (best health delivery system in the history of the world) is 1.45% for both employer and employee on all payroll income.

          Please Vote for the Democratic nominee for President in 2012.

          by mungley on Wed Aug 01, 2012 at 09:51:18 AM PDT

          [ Parent ]

          •  Oops. (3+ / 0-)
            Recommended by:
            PatriciaVa, mungley, GreyHawk

            Curse you internet!  ^_^

            Early to rise and early to bed Makes a man healthy, wealthy, and dead. --Not Benjamin Franklin

            by Boundegar on Wed Aug 01, 2012 at 09:55:34 AM PDT

            [ Parent ]

          •  4.2% this year; 6.2% next year... (3+ / 0-)
            Recommended by:
            mungley, opinionated, GreyHawk

            ...if the tax holiday expires.

            If you earn 60,000 a year, that's 1,200 more in taxes (60,000 * .02) you will have to pay next year.

            What President Obama should do is propose a PERMANENT increase in the Earned Income Tax Credit of 1,200 per year, to compensate for the expiration of the tax holiday.

            Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

            by PatriciaVa on Wed Aug 01, 2012 at 09:56:58 AM PDT

            [ Parent ]

            •  Lol (0+ / 0-)

              The first thing I did when they passed that dumb 'tax holiday' was increase my 401k withholding by 2%.

              I guess I'll just cut by 2% if they end this deal, or not even do that and just cut real spending by that amount.

              (-5.50,-6.67): Left Libertarian
              Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

              by Sparhawk on Fri Aug 10, 2012 at 09:03:30 PM PDT

              [ Parent ]

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